DOGE, SHIB & PEPE Record Outflows as Meme Coins Shed Weekly Momentum
Main Idea
Meme coins like DOGE, SHIB, and PEPE experienced significant outflows and price declines amid a broader market downturn, with losses ranging from 4% to 14% over the week.
Key Points
1. The meme coin market cap dropped over 6% to $61.7 billion in the last 24 hours, with Dogecoin (DOGE) seeing 4% outflows and Shiba Inu (SHIB) losing 6% in a day.
2. DOGE's price fell to $0.2057, far below its bull cycle peak, while analysts noted a potential breakout trajectory to $0.265.
3. SHIB recorded an 11% weekly loss, and PEPE declined 14% over seven days, with dog-themed and frog-themed coins also dropping significantly.
4. Meme coins rely heavily on community sentiment and lack the stability of top assets, leading to volatile price movements.
5. Bitcoin also dipped below the $116k support level, trading above $112k at the time of writing.
Description
Meme coins are moving into the red zone after top assets, including Dogecoin (DOGE), Shiba Inu (SHIB), and PEPE, dipped over the week.
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